{"F": {"ts_code": "300822.SZ", "name": "贝仕达克", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20200313", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.16, "pe_ttm": 372.8287, "pb": 3.0757, "dv_ttm": 0.2455, "total_mv": 378828.0192, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.1, 22.1, 15.8, 21.8, 25.3, 24.1], "rev_series": [8.9, 10.8, 9.9, 8.7, 8.5, 8.4], "np_series": [1.7, 1.3, 0.5, 0.5, 0.6, 0.1], "roe_series": [21.1, 10.8, 3.7, 3.8, 4.4, 1.0], "period": "20260630", "rev_ttm": 7.6, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": 0.0, "fcf_yield": 0.1, "ocf_yield": 1.0, "gm_median": 22.1, "gm_std": 3.3, "gm_stab": 0.85, "gm_chg_2022": -15.3, "npm_median": 4.2, "roe_median": 3.8, "commodity": false, "hard_ratio": 34.3, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 3.08, "capex_dep": 0.85, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 15.7, "debt_mv": 0.1, "payout": 56.2, "div_years": 5, "rev_cagr3": -5.5, "np_cagr3": -35.5, "rev_yoy": -18.6, "np_yoy": -11.7, "np_vol": 37.0, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能控制器", 54.0], ["智能产品", 23.0], ["地板清洁工具", 9.0], ["地板护理清洁工具", 9.0]], "ret_prev_year": -21.9, "ret_prev2_year": 80.1, "ret_ytd": -24.1, "ret_pivot": 34.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.8, "ret_60": -5.1, "ret_120": -21.1, "ret_250": -39.6, "mdd_250": -49.6, "vol_250": 37.9, "pos_52w": 60.3}, "S": {"duration": 100, "pricing": 45, "hard": 55, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 372.8 倍、股息率 0.2%、毛利率近 5 年中位 22.1%、固定资产占比 34%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 34%),没有定价权:毛利率近 5 年中位 22.1%,稳定度 85%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.1%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -15.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 34%,资本开支/折旧 0.85 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 372.8 倍 粗算,约 99%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -40%,最大回撤 -50%,年化波动 38%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 2% / -5% / -21%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "贝仕达克:PE 比行业中位高 326.3倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 1.8个百分点;固定资产占比 比行业中位高 9.5个百分点。"]}}